USD 5.89 billion
Global Battery Metals Market Size, Share, Growth Analysis, By Metals Type(Lithium, Cobalt), By Application(Starter, lighting) - Industry Forecast 2024-2031
Report ID:
SQSG45J2019 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
68 |
Figures:
75
Global Battery Metals Market Insights
Battery Metals Market size was valued at USD 5.89 billion in 2019 and is poised to grow from USD 7.22 billion in 2023 to USD 34.4 billion by 2031, growing at a CAGR of 22.4% in the forecast period (2024-2031).
The market for battery metals is driven by stationary battery energy storage and the expanding need for batteries in the automobile industry. As batteries make up the majority of EVs, the worldwide electric vehicle (EV) sector is expanding at an accelerated rate, which is driving the market growth. They will soon make up 40% of the overall cost of building an automobile. The lithium-ion EV batteries, for example, are made to last for ten years, but due to high operating temperatures, fluctuating discharge rates, and hundreds of partial cycles annually, they tend to degenerate within the first five years. Such batteries can be recycled or reused rather than being disposed of. These batteries can still have a second life and be utilized in less demanding applications like stationary storage services if they eventually fail to meet the requirements to be used in EVs. As a result, stationary storage devices are now a significant market factor for battery metals.
Market expansion was hampered by the coronavirus pandemic despite all efforts to overcome every obstacle in the past and in the future. Due to shipping restrictions, the pandemic had an impact on supplies as well as battery manufacturer and metal usage. Metal costs for batteries fluctuated as a result of the pandemic. Nickel, zinc, and copper prices decreased as a result of their surplus due to reduced consumption. However, due to limited production, higher transport costs during the lockout, and adequate inventory as a result of an excess, the prices of lithium and cobalt increased.
US Battery Metals Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Cobalt
Fastest Growth
Cobalt
Growth Rate
22.4% CAGR
Global Battery Metals Market ($ Bn)
Country Share for Asia Pacific Region (%)
Country Share for North America Region (%)
Global Battery Metals Market By Metals Type ($ Bn)
Global Battery Metals Market By Metals Type (%)
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Global Battery Metals Market Segmental Analysis
Battery Metals Market is segmented on the basis of metals type, application and region. Based on the type of metal, the Battery Metals Market can be bifurcated into Lithium, Cobalt, Nickel and other segments. On the basis of application, the Battery Metals Market is segregated into Starter, lighting, and ignition (SLI), Electric vehicles (EVs), Electronic devices, Stationary battery energy storage (BES) and other segments. Based on region, the global battery metals market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Battery Metals Market Analysis by Metals Type
In terms of volume, lithium held the greatest share of the market for battery metals with more than 30%. Over the projected period, it is anticipated that rising consumer electronics and EV sector need for lithium-ion batteries will fuel demand for battery metals. Manufacturers have increased their production facilities in response to the rising demand for lithium-ion batteries. Lithium-ion cell plant projects are being manufactured by businesses like LG Chem, BYD, NorthVolt, and CATL, with yearly capacities of 70, 60, 32, and 24 GWh, respectively.
A result of its strong demand for electric vehicle batteries, nickel is anticipated to have the market's quickest growth during the projection period. For instance, due to a spike in EV sales and the quick uptake of nickel cathode chemistries like NCM 622, 523, and 811, the amount of nickel deployed globally grew by 57%. Since the 1980s, nickel-cadmium and nickel-metal hydride batteries have become very popular. Nickel's potential to offer increased density and more storage capacity at a reasonable cost is a key factor in its use in batteries.
Battery Metals Market Analysis by Application
The greatest revenue share belonged to starter, lights, and ignition (SLI), which was more than 27% of the global market share. For many years, SLI has been the primary application for battery metals. SLI batteries are used in traditional cars to start and ignite the engines and power the vehicle. Due to its power density, it is crucial since starting an engine requires strong currents for a brief time—roughly 300 amperes for a few seconds. Given the negative effects on the environment and other factors, this application category is expected to develop at the slowest rate over the forecast period due to the replacement of conventional vehicles by electric vehicles.
As a result, the market for battery metals' application category for electric vehicles is the one that is expanding at the highest rate. The four types of EVs include hybrid, plug-in hybrid, full EVs, and commercial vehicles. Each category has its own set of specifications, such as the fact that fully electric vehicles lack internal combustion engines and hence call for very big batteries. EVs often use lithium-ion and nickel-metal hydride batteries.
Global Battery Metals Market By Metals Type, 2023 (%)
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Global Battery Metals Market Regional Insights
Asia Pacific had an 87.7% revenue share of the market, dominating it. Over the course of the forecast, this tendency is anticipated to persist. China, which is the world's largest battery manufacturer, is responsible for this portion. China's ability to produce is due to its control of the supply chain. It supplies more than 20% of the world's supply of battery metals and accounts for around 80% of the global market for chemical manufacturing of battery-grade raw materials. Its dominance makes it the primary force behind the development of the global automotive sector following the COVID-19 pandemic.
North America was the second-largest regional segment in terms of revenue, with a share of the market for battery metals of more than 7%. The United States is the primary producer of batteries in the area, making it the main user of metals in North America. Production capacity in the nation is increasing as a result of rising EV sector demand. For instance, SK Innovation will begin operating its 9.8 GWh facility in Georgia in 2022. A second facility with a 10 GWh capacity would be built, the company said in response to the rising demand.
Global Battery Metals Market By Region, 2024-2031
- Largest
- Fastest
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Global Battery Metals Market Dynamics
Battery Metals Market Driver
- Increased demand for consumer electronics products like smartphones, laptops, and tablets as well as increased demand for battery metals from the electronic vehicle industry are what are fueling the expansion of the global market for battery metals. Additionally, the market for battery metals is anticipated to increase quickly due to the rapid development of the renewable energy and electric car industries.
Battery Metals Market Restraint
- The drive for most nations to adopt EVs in the foreseeable future is driving up car manufacturing globally. This will eventually result in increased manufacture of batteries and the harmful waste they produce. A significant problem with the market for battery metals is battery disposal.
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Global Battery Metals Market Competitive Landscape
Due to the presence of significant producers in the sector, the market for battery metals is competitive in nature. The manufacturers are employing a variety of techniques, including capacity development and mergers and acquisitions, which will help to broaden target footprints, in an effort to increase firm market share. The expansion of the battery market is encouraging investment firms to make investments and buy stock in businesses that are integral to the market's value chain.
Battery Metals Market Top Players Company Profiles
- Albemarle Corporation
- Tianqi Lithium Corporation
- SQM
- Ganfeng Lithium
- Glencore
- Umicore
- Sumitomo Metal Mining Co. Ltd.
- Mitsubishi Materials Corporation
- China Molybdenum Co., Ltd.
- Vale S.A.
- BHP Billiton
- Rio Tinto
- Freeport-McMoRan Inc.
- Tesla Inc.
- Panasonic Corporation
- LG Chem Ltd.
- Contemporary Amperex Technology Co. Limited
- BYD Company Limited
- Samsung SDI Co. Ltd.
- Hitachi Chemical Company Ltd.
Battery Metals Market Recent Developments
- In July 2022, Global Battery Metals Ltd., a global critical mineral exploration and development firm focused on battery metal prospects with strong growth potential, is happy to announce that TonaTec Exploration LLC has been hired to drill the Lithium King Property.
Global Battery Metals Key Market Trends
- The most important component in many important applications, such as electric vehicles, off-grid battery storage, and consumer electronics, is the battery. Investment in research and development of long-lasting, high-efficiency batteries has recently increased. Battery metals are essential to the cathode and other components of the battery. Lithium is a key battery metal on the market because it can be found in both the cathode and anode of a lithium-ion battery.
Global Battery Metals Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global battery metals market is segmented based on metals type, applications and regions. Over the projected period, it is anticipated that rising consumer electronics and EV sector need for lithium-ion batteries will fuel demand for battery metals. The greatest revenue share belonged to starter, lights, and ignition (SLI), which was more than 27%. For many years, SLI has been the primary application for battery metals. SLI batteries are used in traditional cars to start and ignite the engines and power the vehicle. Asia Pacific had an 87.7% revenue share of the market, dominating it. Over the course of the forecast, this tendency is anticipated to persist.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.89 billion |
| Market size value in 2031 | USD 34.4 billion |
| Growth Rate | 22.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Battery Metals Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Battery Metals Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Battery Metals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Battery Metals Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Battery Metals Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Battery Metals Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Battery Metals Market Report Snapshots
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